Digital Winter Grist

ISSUE 01 WINTER 2025

THE GRIST A periodic national newsletter, delivering expert knowledge and industry insights.

A passion for serving livestock producers innovatively and well.

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A humble beginning marked the start of a story that is still unfolding.

Contents

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08

By: Sarah Robson, Ph.D. – Ruminant Nutritionist

By: Samuel Ariyibi, M.Sc. – Monogastric Nutritionist

Calves begin requiring extra energy to keep themselves warm when temperatures fall below 10°C during the first month of life, and 0°C after the first month.

In modern swine production, gilt development is more than just raising replacement females, it’s about securing the future productivity and profitability of the herd.

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14

By: Morgan Colling, M.Sc. – Monogastric Nutritionist

By: Tanka Khanal, Ph.D. – Senior Poultry Nutritionist

Late April, planting began for the majority of the region and was moderated by good weather for the most part.

Pullet uniformity determines how evenly birds reach sexual maturity and enter lay.

Cold Weather, Warm Bellies

2025 Mycotoxin Update

Gilt Development

Pullet Uniformity

Dear Friends Christmas greetings and blessings on our producing friends in 2025!

With the experience of receiving some of the first (and in some provinces early) snowfall, it is encouraging to know that the 2025 fall harvest has been completed, equipment is cleaned and winterized, and a pretty decent grain and oilseed crop is in the bins.

As indicated in Morgan Culling article in this issue of The Grist, the Canadian harvest of 2025 was a fairly high yielding one but also quite a clean crop when it comes to mycotoxins. It is always encouraging to know that livestock producers will experience the joy of feeding high-quality, clean, relatively cheap animal feed in 2026 while demand for and prices of meat, milk, and eggs are at historically high levels.

Ultra processed foods and industrialized food ingredients are quickly falling from the culturally accepted grace that they have enjoyed for decades, and lard is back on the shelf at Costco.

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Notwithstanding the slowing of population increases in developing economies, the global demand for meat, milk, and egg protein continues to grow as a greater percentage of the global population moves into the middle class. With the growing interest in and utilization of GLP-1 to fight obesity in more economically developed nations, people are eating less food volumetrically, but they are densifying their diet with more highly digestible protein (meat, milk,and eggs) for nutritional reasons and for further body fat reduction. Also interesting, is the growing body of evidence that suggests that industrialized vegetable oils (corn, canola, sunflower oils) which have become ubiquitous in both our home cooked and fast food/restaurant meals are not very efficiently utilized sources of energy in our diet, are poorly digested, and may contribute to inflammation of the gut and joints. This, of course, is counterintuitive and countercultural to those of us who were raised in the 60’s, 70’s and 80’s when butter, eggs, nicely marbled red meat, and lard were villainized in North American and wholly blamed for the high level of heart disease and obesity in the U.S. and Canadian population.

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It has taken a long time, but good science is starting to prevail over bad science and governments, health care professionals, and the common man are recognizing anew that a well-balanced diet which includes a significant portion of digestible protein from meat, milk, and eggs as well as energy from animal fats are both necessary and beneficial for human health and flourishing. Ultra processed foods and industrialized food ingredients are quickly falling from the culturally accepted grace that they have enjoyed for decades, and lard is back on the shelf at Costco.

We believe all of this dietary and cultural norm change will continue to positively impact the global demand for meat, milk, and egg derived protein. Already we are seeing the utilization of animal derived protein sources added or concentrated in milk, many beverages, breakfast cereals, snack bars, etc.

As Canadians, engaged in the production of the safest, highest quality, most efficiently produced meat, milk, and eggs in the world, able to assist greatly in the pursuit of global protein abundance, we can be proud of what we accomplish every day as well as our potential to do so much more. Canada is so very blessed with arable land, fresh water, seemingly warming weather, as well as a hardworking, dedicated, technology adopting farming sector - we truly are able to help feed the world.

With the recent resurgence of national pride and Canadian patriotism, the national desire and need to diversify our global exports and the impacts the aforementioned increasing global and domestic demand for animal protein, we believe that the Canadian Agri-Food sector is poised to grow significantly in size, profitability and impact in the years ahead.

We have been pleased and blessed to work in this dynamic, stimulating and significant sector of the Canadian economy for 65 years. It truly has been and continues to be a blessing to work shoulder to shoulder with hundreds of farming families across Canada, always seeking to see their family business grow and thrive while assisting them in the production of great Canadian meat, milk and eggs. As the GVF group of companies has expanded nationally and broadened its product and service offering, this assistance now comes in many forms. Whether you are allowing us to work with you and your family

Thought for the Season Each Christmas we’re reminded how God sent his son into the world to bring peace to all.

through the provision of livestock nutrition with Grand Valley Fortifiers or Fortified Nutrition, your purchased commodity needs through Direct Source Commodities, your barn supply needs through Farmers Depot, or your water quality and barn hygiene needs through Schippers HyCare concepts and MS Gold products, we are privileged to engage with your family farming operation.

As we soon close out the year, we wish to thank you for the privilege of serving you in 2025 and want to wish you and your family a

of God’s son caused challenges and varying responses from all involved. Let’s look more closely at Joseph. Joseph was engaged to be married to Mary and found her to be pregnant.

Knowing this child was not his, he was forced to make a decision, and just as he was about to divorce Mary privately, God stepped in.

As he considered this, an angel of the Lord appeared to him in a dream. “Joseph, son of David.” The angel said “do not be afraid to take Mary as your wife. For the child within her was conceived by the Holy Spirit. 21And she will have a son, and you are to name him Jesus, for he will save his people from their sins.”

– Matthew 1:20-21 20

If we look carefully into the verses above, we see three things that are helpful when understanding the challenge that Joseph was facing and his response.

1) God has a personal knowledge of Joseph and sent his angel to speak with him. We can see God cares about Joseph just as he cares about you and me.

But, when we look at our world today, some 2000 years later, it seems we are far from experiencing this peace. Despite this unfortunate reality, many people have an ability to manage through challenging times with an incredible sense of peace and gratitude.

As we reflect on the Christmas story, we can see how this same realization applied to many people of that day. The promised birth

very blessed Christmas and a prosperous and enjoyable 2026.

Gratefully,

Ian Ross Chief Executive Officer

By looking deeper into these verses, we see that God is working in Joseph’s life even when it seems to be coming apart. Similarly, we can often lose heart due to the challenges we face and chaos around us. This Christmas, I encourage you to remember that God has a plan, and peace can be found when we let His word speak into the challenge and chaos.

“I have told you all this so that you may have peace in me. Here on earth, you will have many trials and sorrows. But take heart, because I have overcome the world”.

– John 16:33.

Jesus came to overcome the world, and solve the world’s biggest challenge; the challenge of being separated from God due to sin. This Christmas, if you haven’t understood God’s plan, and the significance of Jesus’ birth, ask Him for a fresh, deeper understanding of the Christ story and read it in Luke 2. May you experience a greater peace than you ever thought possible this Christmas.

2) God gives Joseph the assignment of naming the child – Jesus. Joseph now has a part to play in this plan and this ability to provide the name can be equated to adoption.

Jesus is the son of God but also the son of a carpenter.

3) God gives Joseph a glimpse into His bigger plan “… for he will save his people from their sins” Joseph now knows why God is doing this and the significance of Mary’s virgin pregnancy and resulting birth.

David Ross Regional Monogastric Sales Manager & Co-owner

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Cold Weather, Warm Bellies Tips for Feeding Calves in the Winter By: Sarah Robson, Ph.D. Ruminant Nutritionist

When temperatures start to drop, we grab our winter coats, turn up the heat, and bundle up for the outdoors.

But have you ever thought about your dairy calves and how you can help them battle the colder temperatures?

Calves begin requiring extra energy to keep themselves warm when temperatures fall below 10°C during the first month of life, and 0°C after the first month. This means that when temperatures hit these levels, calories consumed will start being used to keep calves warm, and fewer will go towards their health and growth. Below are some suggested ways to change your calf management practices to support them as the weather gets colder.

Milk Feeding Tips With energy requirements increasing when temperatures decrease, feeding more calories is a must to support growth and health in your calves. Here are some ways to increase the amount of energy provided by milk:

Feed More Milk · 20% of body weight or more than 8L of milk per day · Increase volume: This can be done with two larger feedings without impacting milk digestion (4-5L per feeding) · Increase frequency of feedings

Feed More Milk Solids When Using Milk Replacer · Make milk replacer more concentrated, up to 15% (150 g of milk replacer per litre) · Warning: Don’t go over this concentration or you can cause nutritional (osmotic) diarrhea Tip: You can test this with a Brix Refractometer (the same great tool to test colostrum quality). Place your mixed milk replacer on the refractometer and add 1.5 to the reading to get your total solids level

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Mixing and Feed Delivery Tips Mix milk replacer properly: · Follow the directions on the label (measuring out water and powder) · Make sure there are no clumps of powder · Ensure milk or milk replacer is 39-40°C. Feeding cold milk requires calves to use more energy before digesting it, which wastes calories · Feed calves at consistent times throughout the day to avoid stress and extended periods on an empty stomach

Solid Feed

Water

Environment

· Offer starter feed starting in the first week of life · The more starter they consume, the more energy consumed, and the more heat produced through rumination · This will also help with a smooth weaning transition · Store calf feeds with higher levels of molasses in dry, warmer places to avoid it freezing into large clumps

Although water can be difficult to manage in the winter, it is still essential to provide it to calves to help with starter intake, rumen development, and hydration. The liquid from their milk is not enough.

· Keep calves dry and warm and make sure there are no drafts at calf level · Deep bedding is your friend- consider adding extra bedding or switching to deep bedding to allow calves to nest and protect themselves from the weather Tip: You don’t want to be able to see the calf’s legs if they are nested well when they are lying down · Use well-fitted, dry calf jackets, but ensure they are not sweating under them during times when weather fluctuates throughout the day · Block weather exposure if calves are in direct contact with elements (e.g. outdoor hutches) · Keep an eye on ventilation systems for any signs of freezing to make sure they are working properly to reduce the humidity and ensure good air flow in the barn

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Gilt Development Setting up for the future By: Samuel Ariyibi, M.Sc. Monogastric Nutritionistt

Introduction Just as Apostle Peter emphasized in “1 Peter 2:2” that newborn believers in Christ naturally long for spiritual nourishment to grow in faith, likewise, young animals especially gilts require physical nourishment and care to support their development for an excellent reproductive life.

In modern swine production, gilt development is more than just raising replacement females; it’s about securing the future productivity and profitability of the herd. Gilts represent the genetic potential of your operation, and how they are managed before their first breeding determines their lifetime performance. A well-developed gilt, raised under a robust gilt development program, is more likely to produce larger litters, remain productive in the herd for a longer period, and yield greater returns on investment.

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Start Early Pre-weaning care and proper selection Gilt development begins at birth, early selection and management lay the foundation for future success. Choosing piglets with good body condition, sound legs, and at least 14 functional teats is essential for long-term productivity. Early intervention such as ensuring adequate colostrum intake, helps build immunity and support healthy growth.

Raising future gilts in smaller litters can also improve pre-weaning performance, which is closely tied to lifetime productivity. Selection is the most critical step; poorly chosen gilts often fail to meet breeding targets, suffer structural issues, and leave the herd early, leading to financial losses. While large genetics companies may use advanced tools, most producers rely on visual assessment, which should focus on traits such as:

1.

Sound structure

Strong legs, straight pasterns, and healthy hooves

2. Optimal body condition Avoid over or under condition which leads to immature mammary glands and ovaries

3. Functional teats At least 14 and well-spaced. Allow gilts to nurse large litters in first lactation to improve milk flow, develop healthy udders and maximize overall productivity

4. Consistent growth Steady development without illness or lameness

5. Calm temperament Stress-resilient gilts perform better reproductively

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Nutrition and Feed Management Gilts aren’t market hogs. Avoid energy-dense finishing diets that push rapid fat gain and over conditioning, both harm fertility and longevity.

Instead, feed gilt-specific rations that:

1.

Deliver adequate amino acids for lean tissue and reproductive tract development.

2. Include higher Ca and P tin finisher diets to strengthen bones.

3. Avoid severe restriction which delays puberty and estrus expression.

4. Consider a short flushing by increasing feed allowance prebreeding, then return to gestation levels post service.

5. Control sow anemia by ensuring gilt and sow diets include iron, trace minerals (like copper), and hematopoietic vitamins (folate, B12) to support red blood cell formation; regular hemoglobin monitoring helps guide effective supplementation.

Essential Practices for Successful Gilt Breeding Management Record Keeping & Performance Tracking Maintain accurate records on gilt age, weight, estrus cycles, health treatments, and breeding outcomes. This helps identify trends, optimize management decisions, and improve herd performance over time.

Puberty Stimulation Begin boar exposure around 180–200 days to trigger puberty. Use direct contact near expected onset and aim to breed at second or later estrus for better litter size and longevity.

Breeding Timing Target first breeding at 210–220 days and 190–210 kg depending on genetics. This

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ensures gilts are physiologically mature, reducing risks of small litters, farrowing issues, and early culling.

Health Management Isolate new gilts for 45–60 days, administer core vaccinations and gradually expose them to resident herd pathogens under veterinary guidance to build immunity and reduce disease risk at entry.

Stress Reduction & Housing Provide adequate spacing for gilts, maintain small groups (6–8), and ensure calm handling, consistent routines, and good ventilation. Early feeder training and low-stress environments support immune health and timely puberty.

In-House Breeding with External Semen (F1 & F2)

Establish a clear genetic plan when using farm-raised females and outside semen. Focus on maternal traits for F1 crosses, use reputable

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studs, and maintain lineage records to avoid inbreeding. Avoid retaining F2 females, mixing semen sources randomly, or overlooking structural soundness since these missteps can reduce uniformity, maternal performance, and herd longevity.

Producers who prioritize smart gilt selection, gilt-specific nutrition, evidence-based iron management, well-timed breeding, and lowstress housing and handling, consistently achieve higher farrowing rates, larger first litters, and improved retention beyond parity one where long-term profitability truly begins.

At GVF group of companies, we’re committed to supporting Canadian swine producers with scientifically proven nutritional solutions that strengthen gilt development and sow longevity. Reach out to our swine nutrition team to explore tailored strategies that fit your operation and drive lasting success.

2025 Mycotoxin Update Ontario & Western Canada By: Morgan Colling, M.Sc. Monogastric Nutritionist

Overall, Ontario’s 2025 corn growing season was dry for most regions, which led to a generally low mycotoxin level year.

Late April, planting began for majority of the region and was moderated by good weather for the most part. Heavier textured soil regions in the province were delayed in planting due to persistent wet weather up until late May. Aside from the later-planted areas, corn had sprouted by mid-May for most of the province. The last half of May was met with colder than usual conditions, leading to concerns over vigour and poor colouring.

Luckily, warm weather and higher temperatures in June corrected most of the crops.

For most regions, July had dry weather, leading to moisture stress for many regions during peak pollination time, which persisted into harvest season.

Similarly, Western Canada had a generally dry growing season, resulting in belowaverage mycotoxin levels in the crops. Seeding across the prairies began in early May, where most regions were moderated with favourable weather conditions.

By early June, wheat and barley had emerged for much of the region, with corn following in mid-June. Shortly after sprouting, persistent dry weather- especially in Saskatchewan’s northern grain belt- lead to leaf browning in several cereal crops.

Mid-season hailstorms inflicted damage on some fields across the west, though most young spring-seeded crops recovered from this event. Wheat and barley harvest began in mid-to-late August and continued into early September, with dry conditions prevailing throughout the remainder of the season. Corn harvest started in late September and continued into October under mostly favourable conditions, though late-season rainfall in some regions caused delays.

The Grand Valley Fortifiers Nutrition Team maintains a mycotoxin database each year to provide our customers with a summary of the mycotoxin levels in the new corn crop across the province. As of December 5th, a total of 118 corn samples representing 14 counties in Ontario have been sampled and analyzed for DON (Vomitoxin) and Zearalenone. If DON levels exceed 0.8ppm or Zearalenone levels exceed 0.5ppm, we further analyze those specific samples for T2, Fumonisins, and Aflatoxins.

Corn Average, 2025 Crop Year – 88% DM DON (ppb)

Zearalenone (ppb)

T2 (ppb)

Fumonisins (ppb)

Aflatoxins (ppb)

Number

118

118

34

34

34

Average toxin level

1020

122

16

88

0

Min (ppb)

0

0

0

0

0

Max (ppb)

6864

1382

211

748

0

Table 1. Average mycotoxin levels in Ontario gvfgroup.ca

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County

DON Average (ppm)

Number

Middlesex

1.15

29

Essex

1.14

8

Lambton

0.19

6

Oxford

0.00

1

Chatham-Kent

1.04

24

Haldimand

0.63

8

Perth

2.16

9

Huron

0.81

5

Wellington

0.79

4

Bruce

2.62

5

Elgin

0.26

8

Waterloo

0.31

4

Brant

0.58

6

Niagara

0.26

1

Table 2. Breakdown of DON levels by counties in Ontario

Corn 2025 DON

by County

DON Average (ppm)

Additionally, in collaboration with Grain Farmers of Ontario and members of the Ontario Agri-Business Association, OMAFA field crop specialists have completed their 2025 corn ear mould and DON mycotoxin survey (2025 Ontario Grain Corn Ear Mould and Deoxynivalenol (DON) Mycotoxin Survey – Field Crop News). From 231 samples, they found that 98% of corn tested below 2 ppm for visual mould and DON, with the remainder 2% testing between 2 to 5 ppm. This puts 2025 as one of the lowest mycotoxin years within the last 10 years.

0.00

Furthermore, our team at Fortified Nutrition Limited has in-house mycotoxin testing capabilities for our customers using the Neogen Raptor system. Currently, we are testing barley, wheat, and corn for DON, Zearalenone, T2, and Aflatoxins.

Map breakdown of DON levels by counties in Ontario.

Leaf Spots

Tar Spots

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Winter 2025

Corn Average, 2025 Crop Year – 88% DM DON (ppb)

Zearalenone (ppb)

T2 (ppb)

Aflatoxins (ppb)

Number

12

12

12

12

Average toxin level

42

21

190

0.92

Min (ppb)

0

7

16

0.26

Max (ppb)

123

45

946

1.76

Table 3. Average mycotoxin levels in Western Canada

Wheat Average, 2025 Crop Year – 88% DM DON (ppb)

Zearalenone (ppb)

T2 (ppb)

Aflatoxins (ppb)

5

5

5

5

Number Average toxin level

202

14

20

0.54

Min (ppb)

0.06

7

4

0.12

Max (ppb)

748

23

76

0.83

Table 4. Average mycotoxin levels in Western Canada

Barley Average, 2025 Crop Year – 88% DM DON (ppb)

Zearalenone (ppb)

T2 (ppb)

Aflatoxins (ppb)

22

22

22

22

Number Average toxin level

299

5

238

0.32

Min (ppb)

0.05

0

0

0

Max (ppb)

1496

22

1240

0.82

Table 4. Average mycotoxin levels in Western Canada

The Canadian Grain Commission has released their preliminary data on DON levels in barley and wheat across the western provinces (Harvest and Export Quality Reports – Government of Canada).

Of the 135 barley samples tested, 85.2% contained less than 0.3 ppm of DON. Similarly, among 744 wheat samples, 91% had DON concentrations below 1.0 ppm.

Symptom

Possible Mycotoxin(s)

Decrease weight gain

DON

T2

T2

Ergot Aflatoxin

Decrease feed intake

DON

Necrosis

Ergot DON

T2

Aflatoxin Fumonisin

Diarrhea

DON

T2

Fumonisin

Hemorrhage

DON

T2

Aflatoxin

Vomiting Respiratory

DON Ergot

Prolapse Agalactia/lameness Decreased litter size Splay legs Stillbirths

Fumonisin

Zearalenone Ergot DON DON

Zearalenone

T2

Zearalenone

DON

Ergot

Table 6. Possible mycotoxin(s) associated with symptoms in Swine.

Exposure to mycotoxins can lead to serious health outcomes in livestock, especially swine, such as decreased weight gain, reproductive issues, low feed intake, diarrhea, and other symptoms that can lead to economic losses. In Table 6, the most common mycotoxins and their associated symptoms in swine are listed. Despite it being a low mycotoxin level year, it is important to be aware of the impact on your pigs and to remain diligent in prevention strategies.

Many factors contribute to mycotoxin formation including temperate climate, moisture content, and physical damage of seeds. Cropproducing farmers can implement prevention strategies to minimize their mycotoxin load, such as applying fungicides, lowering the moisture content after harvest, removing fines, and/or roasting the grain.

Furthermore, nutritionists can assist in combatting mycotoxin levels in grains by incorporating other clean commodities into your rations.

Speak to your GVF livestock business consultant or GVF nutritionist about feed additives that can be added to your herds nutrition to help reduce the impact mycotoxins can have.

If you have any questions regarding mycotoxin contamination, please reach out to your Grand Valley Fortifiers Livestock Business Consultant or Nutritionist, and we will be happy to assist you.

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Pullet Uniformity How it matters in layer and broiler breeders By: Tanka Khanal, Ph.D. Senior Poultry Nutritionist

Why pullet uniformity matters Uniform pullets have synchronized sexual maturity so that all start laying within a narrow window of duration, usually 7-10 days. Nonuniform or poor uniform pullets reach sexual maturity at different times causing a significant variation in egg size, egg mass output and eggshell quality. The feeders and nutrition can’t correct this biologically driven variability. Uneven maturity results in uneven medullary bone formation as this is guided by variation in hormonal activity in hens, which depends on maturity and body weight.

The late-developing pullets form medullary bone later causing poorer medullary bone calcium reserves, whereas early maturing pullets mobilize Calcium sooner for bigger eggs causing risk of bone depletion and thin shells.

Uniform body size ensures correct mating contact between male and female cloaca (cloacal kiss), ensuring successful sperm transfer.

Uniformity level

BW uniformity %

Peak fertility %

Peak hatchability %

How pullet uniformity enhances persistency of lay

High

≥85%

93–95

86–88

Pullet uniformity determines how evenly birds reach sexual maturity and enter lay. When pullets are even in weight and body composition, their ovaries and oviducts mature simultaneously. This synchrony builds a strong foundation for coordinated hormonal cycles and egg formation rhythms later. This leads to a smooth rise to peak production. Sexual maturity balances the levels of estrogen and progesterone, ensuring regular ovulation intervals leading to higher persistency of lay.

Medium

75–85%

88–91

80-83

Low

<75%

80–85

70-75

Uniformity level

BW uniformity

CV, BW

CV, EW

Cracks

High

≥85%

8%

4–5%

<2%

Medium

75–85%

12%

8–10%

3–5%

Low

<75%

20%

12–15%

>6%

BW= Body weight; EW= Egg weight Table 1. Layer Pullet uniformity at wk 16 on egg uniformity and cracks at peak lay

How pullet uniformity enhances fertility and hatchability Fertility and hatchability depend on how well male and female reproductive timing and performance are synchronized. Uniform sexual maturity enhances balanced mating dynamics leading to more fertile eggs. Males tend to mate more with active, laying hens those showing crouching response. If a certain portion of hens are in early lay, males over mate the early-maturing females leading to excess stress in laying hens leading to fertility drop. The late-maturing females avoid mating early clearly telling us about a lower fertility in their first couple of weeks.

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Table 2. Broiler breeder pullet uniformity (20-21 wk) on fertility and hatchability at peak

The better fertility (eggs fertilized) does not necessarily mean a better hatchability (chicks successfully hatched). The uniform oviduct maturity produces eggs with consistent shell thickness, albumen quality, and yolk maturity, which lead to even embryonic growth rates during incubation. In contrast, the laying hens from poor pullet uniformity produces variable egg size and shell quality which causes uneven gas exchange during incubation causing higher early embryonic mortality.

Conclusion Uniform body weight and physiological maturity promote synchronized onset of lay, stable egg size distribution, and consistent calcium metabolism, thereby enhancing persistency of lay and eggshell quality.

The uniform pullets ensure synchronized sexual development and mating dynamics, leading to improved fertility and hatchability outcomes.

Commodity Update By: JP Thibault Business Development Manager

Myriad Pro Regular

The year is ending with its share of challenges, and the year 2026 has even more in store for us.

The geopolitical uncertainty generated by Donald Trump’s arrival in power has destabilized several markets such as soybeans due to the trade war with China, a record year for the U.S. corn crop despite weather conditions that have deteriorated over the growing season, China imposing 100% tariffs on imports of canola and its by-products from Canada and the increasing interest in renewable energy are just a few examples of events that have shaped our environment in which we have had to evolve.

Unfortunately, we believe that 2026 will be an extension of 2025 and that the stakes could intensify. On the climate side, we see the possibility of an El Nino phenomenon that could bring dry weather and limit yields in Europe and the United States.

The soybean market remains strongly influenced by international demand, particularly from the animal feed sector and the vegetable oil market.

Canola, on the other hand, will continue to evolve in a tight environment, where fluctuations in Canadian production, crushing volumes and competition with other vegetable oils are leading to rapid price movements.

Soybean meal volumes will remain abundant with several new crushing plants starting their operations; however, the declining crushing margins will force the company to capitalize much more on the meal to make their operation profitable. In short, 2025 has tested our robustness to face combined shocks, while 2026 calls for proactive adaptation to the various events to come.

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